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FinCEN Fines Have Had ‘Large Impact’ on Casino Compliance, Says Consultant
printThe U.S. gaming sector's string of recent compliance penalties have prompted many casinos to rethink how they implement anti-money laundering controls, according to Kim McCabe, founder of Henderson, NV-based consultancy KMC, LLC. Following the U.S. Justice Department's nearly $50 million settlement with Las Vegas Sands Corp. in 2013 for failing to sufficiently vet wealthy clients, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) and federal prosecutors have penalized three other large gaming companies, with fines ranging in the tens of millions of dollars. McCabe, who previously served as an auditor with the Nevada Gaming Control Board and an executive...
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